More guidance regarding Opportunity Zones and the Qualified Opportunity Funds (QOF) used to invest in them. The IRS issued a final version of Form 8996 to be completed annually by these entities created to invest in targeted low-income communities. A draft version was released in October. 

QOFs are a private sector investment fund that puts at least 90% of its capital into Opportunity Zones. In addition, 50% of the revenue in the fund must come from a zone investment. The fund model allows for investors to pool resources and enjoy tax benefits, while simultaneously making an investment into underserved communities.  

Corporations or partnerships organized and operated as a QOF should file Form 8996 annually with their regular income tax return. The form certifies that the corporation or partnership is organized to invest in Opportunity Zone property.